The Random-ness Newsletter/July 2015
Welcome to the second issue of The Random-ness Newsletter! Here are some news this month: __TOC__ Stocks close higher for July amid earnings, global growth concerns Stocks close higher for July amid earnings, global growth concerns By Evelyn Cheng 6 hours ago     Content preferences Done Submit Feedback 1:32 0:02 3:50 remaining time Options ■English On Watch Later Added to Watch Later Menu Advertisement Please sign in to use this feature. Yahoo Fireball Video Player Version : 5.304.0.1438041942 Page SpaceID : 1183300226 YVAP Acct. 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Video Quality Auto Low Medium High (HD) Shortcuts Esc Close Settings Space Play/Pause Up Arrow Increase Volume Down Arrow Decrease Volume F Fullscreen ? Settings Closing Bell Exchange: Market trap door Now watching   Next video starts in : 7 Play Closing Bell Exchange: Market trap door  Replay video Up next Oklahoma Governor's daughter forced to move trailer from state mansion    Up next   Oklahoma Governor's daughter forced to move trailer from state mansion Finance Video 1  3:52 Now watching Up next Closing Bell Exchange: Market trap door Discussing Friday's trading action, with CNBC's Rick Santelli; Peter Andersen, Congress Wealth Management; and Kenny Polcari, O'Neil Securities. Andersen says anybody sitting on energy stocks is standing on a trap door. 2  0:54 Now watching Up next Oklahoma Governor's daughter forced to move trailer from state mansion 3,500 views This week in weird business news... 3  2:41 Now watching Up next How to make a living eating pizza 4,600 views Scott Wiener created his own dream job: eating pizza. Now he has a way to spread that love of dough, cheese and sauce to tens of thousands of others. 4  16:31 Now watching Up next Tesla's autonomous car and U.S. banks are tops around the globe 1,100 views Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day. 5  2:53 Now watching Up next U.S. banks overtake European counterparts U.S. banks are giving their European counterparts a run for their money 6  2:24 Now watching Up next Californians curb water usage in June Californians responded in turn and cut usage by 27%. But the biggest water users - the pivotal agriculture business - are not counted in those numbers. 7  3:05 Now watching Up next Wage growth trend might not be as poor as new data suggest U.S. employment costs rose at the slowest pace in over three decades 8  0:57 Now watching Up next Donald Trump's team filed to copyright "Trumpublican" and "Trumpocrat" 1,900 views Now he has his own language - or at least two words of one. Donald Trump is hoping to corner the market on "Turmpublican" and "Trumpocrat." 9  3:22 Now watching Up next Tesla's autopilot technology is about to get even better Tesla's evolving autopilot technology is close to getting a key update. Right now, the... 10  1:14 Now watching Up next Money Minute: 5 things every college freshman should know about money 6,700 views This week's Money Minute: 5 things every college freshman should know about money. Load More U.S. stocks closed mildly lower on Friday, the final day of trade for July, as investors digested energy earnings misses and soft data that could push an initial rate hike further out. ( Tweet This ) Stocks were mixed to slightly lower in afternoon trade after earlier attempting to rally. The Nasdaq struggled to hold higher in afternoon trade as shares of major tech firms declined. The S&P 500 and Dow Jones industrial average traded lower as declines in energy stocks weighed. "This tug of war between the data and the stock market-that's why we haven't gone anywhere," said Lance Roberts, general partner at STA Wealth Management. However, in a month marked by volatility around Greece and China, selloff in commodities and mixed economic data that raised concerns about growth, the major U.S. averages posted weekly and monthly gains. The Nasdaq outperformed with a 2.8 percent gain for the month. The S&P 500 gained nearly 2 percent for the month, while the Dow posted a 0.40 percent gain for July but remained off 0.74 percent for 2015. "I think that is just another example that Greece and Ebola will flare up (but) what ultimately drives stocks is earnings," said John Canally, investment strategist and economist at LPL Financial. The energy sector fell more than 2.5 percent as the greatest laggard in the S&P 500. Exxon Mobil and Chevron plunged more than 4.5 percent each as the greatest decliners in the Dow Jones industrial average. Exxon Mobil (XOM) and Chevron (CVX) both posted earnings that missed expectations. Exxon posted the lowest profit in six years , while Chevron posted the worst quarterly profit in nearly 13 years. Read More Chevron's ugly earnings put focus on oil dividends Crude oil futures settled down $1.40, or 2.89 percent, at $47.12 a barrel. Oil lost nearly 21 percent in July, its worst month since October 2008 during the financial crisis. Other than the pressure from energy stocks, the major story of the day was "clearly the employment cost index and its impact on the dollar, gold, oil and Treasurys," said Peter Boockvar, chief market analyst at The Lindsey Group. "I think the stock market is struggling with continued soft economic data. Maybe it means the Fed won't raise interest rates. (But) the U.S. economy is struggling and that's not a good thing." The employment cost index disappointed analysts with a rise of 0.2 percent, the smallest increase in 33 years and below expectations of 0.6 percent. It's "telling us there's very little wage pressure in the U.S. economy right now. There are some FOMC members on the margin who are going to be less willing to raise rates in September," said Luke Tilley, chief economist at Willmington Trust Investment Advisors. "When we just look at the initial impact for firms, the cost of employment (was) not as much as in the first quarter." Futures trimmed losses to trade mixed after the ECI came out at 8:30 a.m. "What it tells us is September may not be a lock. If anything that may be a little reason why we're seeing a bit of rotation in futures here," said Art Hogan, chief market strategist at Wunderlich Securities. The 2-year yield (U.S.:US2Y) plunged after the data, trading near 0.66 percent, off from 0.75 percent before the data release. The 10-year yield (U.S.:US10Y) edged lower, trading near 2.20 percent. View gallery. The U.S. dollar more than halved losses after briefly falling more than 1 percent. The euro fell below $1.10 and the yen traded near 124 yen against the greenback. The Federal Reserve left interest rates unchanged after the conclusion of its July meeting on Wednesday. The statement indicated a more optimistic outlook on U.S. economic growth, but second-quarter GDP missed expectations on Thursday, while first-quarter GDP was revised from negative to slightly positive. Read More Early movers: TYC, EA, NWL, LM, ITT, WY, TPX & more St. Louis Fed President James Bullard said a Wall Street Journal report that the GDP data cleared worries over growth outlook and supports the case for raising rates as soon as September. Bullard is a non-voting member of the Fed. In other economic news, the Chicago PMI came in at 54.7 for July, the highest since January. The final University of Michigan consumer sentiment survey came in at 93.1 for July, a decline from June's 96.1 read. Read More August may mean big things for markets and the Fed "I think we are headed to a mixed session," said Peter Cardillo, chief market economist at Rockwell Global Capital. It's the "last day of trading in July ahead of next week's busy economic calendar." "Volume remains very moderate. It's hard to get any real grip on where we're going because it's summer holiday trading," Cardillo said. In individual stock movements, LinkedIn (LNKD) fell 10.5 percent after the firm reported that costs rose. The professional social network did beat estimates on both the top and bottom line. The Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) closed down 56.12 points, or 0.32 percent, at 17,689.86, with Coca-Cola (KO) leading advancers and Chevron the greatest laggard. Visa (NYSE:V) was the best performer for the month, rising 12 percent, while United Technologies (UTX) was the worst with a near-10 percent decline. Nearly half the blue chips posted losses for July. The S&P 500 (^GSPC) closed down 4.79 points, or 0.23 percent, at 2,103.84, with utilities leading five sectors higher and energy the greatest decliner. The two sectors were the best and worst performers for the month, respectively. The Nasdaq (^IXIC) closed down 0.50 points, or 0.01 percent, at 5,128.28. The CBOE Volatility Index (VIX) (^VIX), widely considered the best gauge of fear in the market, traded near 12.5. About two stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 977 million and a composite volume of 3.6 billion in the close. High-frequency trading accounted for 49 percent of July to date's daily trading volume of about 6.7 billion shares, according to TABB Group. During the peak levels of high-frequency trading in 2009, about 61 percent of 9.8 billion of average daily shares traded were executed by high-frequency traders. Gold settled up $6.40 at $1,095.10 an ounce, but was 6.5 percent lower for the month for its biggest monthly drop since June 2013. Overseas, European stocks closed mostly higher amid soft U.S. data and earnings, and the continued decline in commodities and mainland Chinese stocks. The STOXX Europe 600 outperformed for the month, posting gains of 3.95 percent, while the DAX posted gains of 3.33 percent for July. The Greek stock exchange is set to reopen on Monday after being closed for five weeks. Chinese stocks posted their worst monthly loss in nearly six years, down 14.3 percent. The Shanghai Composite index finished in negative territory for the second straight session, down 1.1 percent for the day, as investors remain nervous amid commodity weakness. Read More Why Brazil's slowdown is almost as bad as China's On Friday, Reuters reported that China's securities regulator had restricted 24 stock trading accounts for suspected trading irregularities and was investigating investors who used automated trading strategies. Since the beginning of the collapse in mainland shares, trade in many of the stocks was suspended and the ruling Communist Party intervened with many efforts to prevent further declines. View gallery. More From CNBC.com: It's never too early-or late-to plan for your retirement years 3% is the new speed limit for US growth: Strategist Chain reaction: Cycling gets a luxury pricetag More From CNBC Top News and Analysis Latest News Video Personal Finance Stocks & Offerings Australia International News Nasdaq Golden reschedules Fourth of July fireworks for Dec. 4 Print Email Font Resize Golden reschedules Fourth of July fireworks for Dec. 4 The show cancelled July 4 this year will now accompany a Dec. 4 candlelight walk By Josie Klemaier YourHub Reporter Posted: 07/30/2015 03:51:22 PM MDTAdd a Comment | Updated: a day ago Fireworks in Commerce Cityon July 4, 2012. (Karl Gehring, The Denver Post file) For American retailers, there is Christmas in July, and now for the city of Golden, there will be July Fourth in December. The city has announced that it has rescheduled its Fourth of July fireworks show — which was cancelled on the holiday due to high winds — for Dec. 4 in conjunction with its annual candlelight walk that kicks off the holiday shopping season. "The city is excited to partner with the Golden Chamber of Commerce for a holiday celebration that includes a candlelight walk, the official lighting of the lights in Golden, and now a fireworks show," said a release from the city. The candlelight walk draws thousands each year to downtown Golden's main street, Washington Avenue, when local merchants hand out hot cider, eggnog and cookies. Carolers dressed in 19th-century period costumes sing carols and Santa Clause flips the switch on the light display that illuminates downtown. This year it will all be accompanied by fireworks. It will also kick off Olde Golden Christmas, which brings a parade and holiday activities to downtown each Saturday through January. Josie Klemaier: 303-954-2465, jklemaier@denverpost.com or twitter.com/JosieKlemaier Advertisement Print Email Font ResizeReturn to Top Weather On Bacoor, Cavite, Philippines, it's 33°C on August 1. The weather is Mostly Cloudy with 1 m/s wind going to the northeast. On Manila, Philippines, it's 34°C on August 1. The weather is Mostly Cloudy with 1 m/s wind going north. On Shanghai, China, it's 36°C on August 1. The weather is Sunny with 7 mph wind from the north-west. On Karachi, Pakistan, it's 28°C. The weather is also Mostly Cloudy with 9 m/s wind going to the west. The temperature in Beijing, People's Republic of China is 31°C. It's Mostly Cloudy with 3 m/s wind (S). The temperature in New York, NY is 80°F. The weather is Clear with 4 mph wind (SW). Sports Undrafted rookie Aaron Harrison trying to fit in Ex-Wildcat makes switch to point guard in Charlotte Never mind that his lack of a consistent shot made teams look away. Never mind that he showed up for the Summer League in Orlando asked to play a new position. "There are just things you've gotta go through," Harrison said. "I'm just trying to get in where I fit in. Coaches want me to play the point guard. I'll just play the point guard and play as hard as I can." What you get from Aaron and his twin brother Andrew, a second round pick by the Grizzlies, is instinctive confidence that they seem to wear as comfortable as a custom-made suit. After being highly-recruited high school prospects out of Texas, they spent two years at Kentucky and helped the Wildcats get to the Final Four twice. So tell Aaron, that something is blocking his path and he'll just find a way to go around or over it. Harrison took the ball and the new job into his hands at Summer League and tried quickly to make it his own. Even though it was his first time playing the point on a regular basis, he stepped into the new job and handled it well. Running the Hornets offense and all it entailed put him in fewer spots where he'd have to overcome his general weakness of shooting out on the wing. When he wasn't trying to get his team into the right sets and deliver the ball to teammates, he was finding cracks in the defense, driving all the way to the hoop, creating contact, drawing fouls and finishing. It's what he does best and was one of the primary reasons that the Hornets offered him a two-year contract right after the Summer League session was complete. "He's a very confident player," said Hornets assistant and Summer League coach Patrick Ewing. "He's playing a little bit out of position because he's more of a two guard. If he's gonna make an NBA roster, the position he'll have to play is the point. But I think he's done a fantastic job. He's running the ball club, he's taking his shots when he has it, but he's also sharing it with other guys on the team." The contract from the Hornets is just a start. It cracks the door open a little wider. The NBA is full of undrafted prospects who showed enough flashes to get a second look, but couldn't raise their game to the next level or deliver with consistency in order to stick around and make the league a career. Harrison definitely has to work relentlessly on that jump shot so that teams don't sag off and make things more difficult for his teammates. As a point guard, he's got to improve his passing skills, which at this point are just average. He's also got to get the attention of Hornets coach Steve Clifford by making an all-out commitment on defense. Young players who sink their teeth in on that end always get a leg up. "I definitely know for sure that I need to rise to the challenge on that end of the floor," Harrison said. "I've got to be all-in on defense. I've got to be committed to stopping the man in front of him. I've got to be the first one to every loose ball, make all of the hustle plays. That's something I like doing." Ewing said the effort was there at the defensive end by Harrison. "He's doing a pretty good job," Ewing said. "He's moving. He's still learning the scheme the way we like to do things. But for the most part he's doing a fantastic job. He does a pretty good job guarding the ball. Even though sometimes he makes some mistakes. He's not the kind of defender that's gonna get up in to you and hawk you, but he has long arms and pretty good quickness to be able to stay with the ball handler." At 6-6, he's got the size. After two years of playing on a high profile team in so many big games at Kentucky, he's got the kind of experience that could allow him to thrive in the spotlight. And despite all the talk that he isn't much of a shooter, Harrison made three clutch, game-winning shots — all contested 3-pointers — in three consecutive games during the Wildcats' NCAA Tournament drive to the 2014 national championship game. "I like tough situations," he said. "I like big shots. I'm always ready to take them." This is his biggest shot, maybe Harrison's longest one of all, to prove that undrafted doesn't mean unachievable. LeBron James holds Twitter Q+A ALL BALL NERVE CENTER -- On Tuesday night, after noting it had been a while since he'd talked directly to his fans, LeBron James popped up for an hour on Twitter to answer questions from fans. King James ended up talking about everything from the NBA to professional wrestling to cartoons… To see the tweets, go to http://allball.blogs.nba.com/2015/07/28/lebron-james-holds-twitter-qa-2 Our issues do not directly represent the views of The Random-ness Newsletter, the Random-ness Wiki, or Wikia. AStranger195 is a professional author who wrote the June issue and also founded The Random-ness Newsletter and AppPedia, the free encyclopedia about applications. Thanks for reading this issue. I hope you have a great and random day!